Where can I find the cheapest stock brokerage in Australia?

Compare your options to find the lowest cost brokers in the market.

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The share trading platform with the lowest costs will depend on how often you trade, how much money you invest and which markets you're trading in. In fact, some online platforms don't charge any brokerage fees at all.

According to an analysis run quarterly by Finder, IG has the lowest brokerage fees for combined global and ASX share trading, while Superhero has the lowest brokerage fees for Australian-only share trading (as of 7 December, 2020).

However, the cheapest broker for you depends on a number of factors. For example, place a trade of $3,000 with ANZ Share Investing and the brokerage is $19.95, the same fee charged by CommSec. But if you were to place a trade of just $500 with the same two providers, CommSec's fee drops to $10 while ANZ stays the same at $19.95.

We look at online brokers that offer some of the lowest brokerage fees in Australia, including zero brokerage platforms, plus list the other costs you need to look out for.

Search and compare stock brokers

Name Product Standard brokerage fee Inactivity fee Markets International
eToro (US, EU stock trading)
US$0
US$10 per month if there’s been no login for 12 months
Global shares, US shares, ETFs
Yes
Zero brokerage share trading on US stocks with trades as low as $50.
Join the world’s biggest social trading network when you trade stocks, commodities and currencies from the one account.
Superhero share trading
$5
No
ASX shares, ETFs
No
Pay zero brokerage on all Australian ETFs.
Trade ASX stocks with a flat $5 commission fee and a low minimum investment of just $100.
ThinkMarkets Share Trading
$8
No
ASX shares, ETFs
No
Limited offer: Get 5 free ASX trades when you open a new account with ThinkMarkets before June 30, 2021 (T&Cs apply).
Buy and sell CHESS sponsored ASX shares with $0 brokerage on your first 5 trades. Only $8 flat fee brokerage thereafter, plus enjoy free live stock price data on an easy to use mobile app.
Bell Direct Share Trading
$15
No
ASX shares, mFunds, ETFs
No
⭐ Finder Exclusive: Get 5 free stock trades and unlimited ETF trades until July 31, 2021 when you join Bell Direct.
Bell Direct offers a one-second placement guarantee on market-to-limit ASX orders or your trade is free, plus enjoy extensive free research reports from top financial experts.
IG Share Trading
Finder Award
IG Share Trading
$8
$50 per quarter if you make fewer than three trades in that period
ASX shares, Global shares
Yes
$0 brokerage for US and global shares plus get an active trader discount of $5 commission on Australian shares.
Enjoy some of the lowest brokerage fees on the market when trading Australian shares, international shares, plus get access to 24-hour customer support.
Saxo Capital Markets (Classic account)
$6.99
No
ASX shares, Global shares, Forex, CFDs, Margin trading, Options trading, ETFs
Yes
Acess 19,000+ stocks on 37 exchanges worldwide
Low fees for Australian and global share trading, no inactivity fees, low currency conversion fee and optimised for mobile.
CMC Markets Stockbroking
$11
No
ASX shares, Global shares, mFunds, ETFs
Yes
$0 brokerage on global shares including US, UK and Japan markets.
Trade up to 9,000 products, including shares, ETFs and managed funds, plus access up to 15 major global and Australian stock exchanges.
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Important: Share trading can be financially risky and the value of your investment can go down as well as up. “Standard brokerage” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

What are brokerage fees?

A brokerage fee (also called commission) is what your stockbroker charges for executing a buy or sell transaction. In other words, every time you buy or sell shares through your online share trading account, you’ll need to pay a specific amount to the broker for the privilege of using its services. This fee is based on the size or value of the trade, and could be a flat fee or an amount calculated as a percentage of the transaction value.

Brokerage fees are one of the largest expenses associated with online share trading and can have a big impact on the affordability of your investments. If you’re a frequent trader and you’re paying a brokerage fee of $30 every time you buy or sell a parcel of shares, this can quickly add up to a substantial amount and eat away at your trading profits.

That’s why it’s essential for anyone thinking of getting started in the sharemarket to compare brokerage fees charged by online share trading platforms and shop around for the cheapest option.

How much will I need to pay for stock brokerage?

Brokerage fees are far from identical from one provider to the next, so it's important to compare fees. For online share trading platforms, brokerage can range from $0 - $30 per trade. Full-service brokers such as Morgans or Morgan Stanley start fees at around $80 per trade, usually charged as a percentage of the amount being traded.

Some providers have simple fee structures and others have quite complex arrangements. Most of the time, the fee is based on the size or value of the trade, how often you trade and which country the stocks are listed in.

Different brokerage fees often also apply to phone trades and other unique trading options, so it’s worth reading the fine print to find out how much extra it'll cost every time you make a trade.

Zero brokerage share trading on US stocks with trades as low as $50.

Join the world’s biggest social trading network when you trade stocks, commodities and currencies from the one account.

Trading apps with $0 brokerage fees in Australia

There are a growing number of share trading platforms that charge no brokerage fees to trade US or global stocks. These apps include:

Although you don't need to pay a commission, this doesn't mean they're free. Instead they charge a small foreign exchange fee to convert Australian dollars to the required global currency, e.g. USD. So far, there are no apps offering zero brokerage for Australian (ASX) stocks, however Superhero offers the deal for ASX-listed ETFs.

Brokerage fee structures compared

The table below features a guide to the brokerage fees charged by some of Australia’s most well-known online share trading providers when buying and selling shares on the ASX. Compare those fees to find out which provider offers the cheapest stock brokerage.

BrokerOnline brokerage fee for ASX stocks and ETFsPhone fee
CommSec
  • $10 (up to and including $1,000)
  • $19.95 (transaction value between $1,000 and $10,000)
  • $29.95 (transaction value between $10,000 and $25,000)
  • 0.12% (transactions over $25,000)
  • Inactivity fee: No fee on Australian shares platform
  • $59.95 (transaction value up to $10,000)
  • 0.52% (transaction value between $10,000 and $25,000)
  • 0.49% (transaction value between $25,000 and $1,000,000)
  • 0.11% (transaction value over $1,000,000)
Westpac Online Investing
  • $19.95 or 0.11% (whichever is greater)
  • Inactivity fee: $63.50 per year on the global markets account
  • $59.90 or 0.44% (whichever is greater)
IG Share Trading
  • $5 if you make 3 or more trades in the previous month, otherwise;
  • $8 or 0.1%, whichever is greater
  • Inactivity fee: $50 per quarter
  • $50 or 0.1%, whichever is greater
nabtrade
  • $14.95 (transactions of up to $5,000)
  • $19.95 (transactions $5,000.01 up to $20,000)
  • 0.11% (transactions over $20,000)
  • Inactivity fee: No fee with 1+ trade per year
  • $59.95 or 0.55% (whichever is greater)
CMC Markets
  • Less than 11 trades per month - $11 or 0.10%, whichever is greater
  • 11-30 trades per month - $9.90 or 0.08%
  • More than 30 trades per month - $9.90 or 0.075%
  • Inactivity fee: No
  • $59.95 (trades of up to $20,000)
  • $82.50 (trades from $20,001 to $37,500)
  • 0.22% (trades over $37,500)
ANZ Share InvestingFirst trade each month:
  • $19.95 (up to $5,000)
  • $24.95 ($5,001 to $10,000)
  • $29.95 ($10,001 to $28,000)
  • 0.11% (over $28,000)

Second and subsequent trades each month:

  • $19.95 or 0.11% (whichever is greater)
  • Inactivity fee: 0.50% p.a. (minimum $10)
  • $69.95 (up to $5,000)
  • 0.40% ($15,000 to $55,000)
  • 0.35% ($55,001 to $1 million)
  • 0.13% (over $1 million)
Macquarie Online Trading
  • $19.95 or 0.12%, whichever is greater
  • Inactivity fee: No
  • $49.95 or 0.30%, whichever is greater
Selfwealth
  • Flat brokerage fee of $9.50
  • Inactivity fee: No
  • Not available
Superhero
  • Flat brokerage fee of $5 for stocks
  • $0 brokerage fee for ETFs
  • Inactivity fee: No
  • Not available
BellDirect
  • First 10 trades per month - $15 (up to $10,000) or $25 ($10,001 to $25,000) or 0.1% ($25,000+)
  • 11th to 30th trades per month - $13 or 0.08%, whichever is greater
  • 31st trade onwards per month - $10 or 0.08%, whichever is greater
  • Inactivity fee: No
  • $60 or 0.2%, whichever is greater
Capital19
  • 0.15% of trade value ($15 minimum fee)
  • Inactivity fee: No
  • 0.15% of trade value ($15 minimum fee)
HSBC Online Share Trading
  • $19.95 (trades of up to $20,000)
  • 0.11% (trades of $20,000-plus)
  • Inactivity fee: No
  • $60 or 0.2%, whichever is greater
Saxo Capital Markets
  • 0.10% or $6.99, whichever is greater (when you make up to 99 trades in a calendar month)
  • 0.05% or $6.99, whichever is greater (when you make 100 trades or more in a calendar month)
  • Inactivity fee: No
  • 0.10% or $6.99, whichever is greater (when you make up to 99 trades in a calendar month)
  • 0.05% or $6.99, whichever is greater (when you make 100 trades or more in a calendar month)

How much will I pay for international brokerage fees?

The brokerage fees for shares listed overseas can be more or less than what you'd pay for ASX-listed stocks depending on the country of choice and the platform you're using. For US-listed shares you can expect to pay anywhere between $0 - $60 dollars per trade. This can be higher again for countries in Asia, Europe and the Middle East.

On top of the brokerage fee, you'll typically need to pay a currency exchange fee (sometimes called FX fee) to convert your Australian dollars into the overseas currencies. This is usually calculated into the exchange rate and is referred to as the 'spread' – it's the difference between the base exchange rate and the rate you're actually being offered. The higher the spread, the higher your fee.

For example, CMC Markets has a spread of 0.70%, so the exchange rate you'll receive for international transactions is calculated as the best available offer at the time of execution plus a spread of 0.70%, which CMC collects. Below are the fees for US and UK shares offered by some of the most well-known global stock providers:

ProviderUS-listed sharesUK-listed sharesConversion fee
IG Share TradingUSD $0*£00.70%
Saxo Capital Markets Share TradingUSD $9.90 or *£8 or 0.10%*0.75%
CommSec International Trading Account
  • USD $19.95 up to trades of USD $5,000
  • USD $29.95 up to trades of USD $10,000
  • 0.31% above trades of USD $10,0001
USD $39.95 or 0.40%0.60%
CMC Markets
  • US$0
£00.60%
Stake$0Not availableUS$ 70 cents per AU$100 transferred (min US$2 fee)*

*Stake charges an FX fee when conducting initial currency exchange, not on every stock trade.

Special offers

From time to time, some online share trading providers will offer special deals to help you save on brokerage fees or possibly avoid them altogether. For example, Bell Direct regularly offers free ETF trades for each month a year for new customers.

Other providers also offer brokerage fee rebates for frequent traders. For example, if an account holder makes more than a specified number of trades per month, such as 30, all the brokerage fees payable for those trades may be refunded to their trading account at the end of the month.

Such offers can help you improve your bottom line when trading shares online, so it’s worth keeping an eye out for any brokerage deals and discounts.

Are there any other fees when trading shares?

While brokerage fees are the major cost you need to consider when comparing share trading platforms, you should also be aware that other fees may apply. For example, you may need to pay a monthly fee to become a premium member of a share trading platform. This could allow you to access live market data, the latest market news and analysis or stock research and recommendations.

Other common fees include:

  • Inactivity fee: Some brokers charge a monthly or annual fee if you don't hit a certain number of trades each month.
  • Currency conversion fee: This fee is charged to convert AUD to another currency in order to trade global stocks.
  • Custody fee: This annual fee is charged when you trade US stocks and paid to the custodian broker for holding your stocks.

Read the terms and conditions of an online stock broking platform to find out what those ongoing fees are and how they will affect you.

How do I compare cheap stock brokers?

As well as brokerage fees, there are several other features you should compare when choosing an online share trading platform, including:

Other fees

It’s also important to compare whether there are any ongoing fees you will need to pay to maintain your account, such as a monthly management fee or a fee to allow you to access dynamic market data. In addition, remember to check whether special options such as stop loss orders or phone trades attract extra fees.

Market access

Compare the number of global markets each platform allows you to access to buy and sell shares. In addition to the ASX, many providers also allow you to trade on stock exchanges in New York, London, Tokyo and many other countries around the world.

Market data

In the fast-paced world of share trading, accessing up-to-date market data could be critical to the success of your trades. Check whether you will be able to access static, live, dynamic or real-time data, and whether this attracts any extra fees.

Order options

Compare the options each provider offers for placing buy and sell orders. Can you place limit and market orders? Are stop loss orders available to help you minimise investment losses?

Ease of use

Try out any share trading platform you are considering using to work out how easy it is to use on a daily basis. Most providers offer free demo accounts to help you sample their services.

Access options

As well as an online platform, can you place trades over the phone or on the go using a smartphone or tablet app? Also consider whether the trading system is a web-based platform or whether it requires you to download any software.

Customer support

Make sure you can easily contact the share trading platform provider if you ever have a question about your account or a problem with a trade. Look for phone, email and live chat support, as well as online learning centres and education tools.

By considering all of the above factors, you should be able to find the best cheap stockbroker for your online share trading needs.

Want to learn more about share trading?

Check out our comprehensive guide to share trading here.

More guides on Finder

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8 Responses

    Default Gravatar
    DaveJuly 10, 2019

    Your info on IG about fees is slightly incorrect. You quote 0 monthly fees however you should also advise potential customers that IG now charge $50 a quarter if you make no trades.

      Avatarfinder Customer Care
      JoshuaJuly 11, 2019Staff

      Hi Dave,

      Thanks for getting in touch with Finder.

      I’m sorry to hear about your experience with IG. Upon checking, I have confirmed that there’s a $50 subscription fee that you need to pay quarterly depending on your trading activity during the same quarter.

      However, you can easily be exempted from the charge, if you do deal at least three times using your share trading or CFD accounts during the same quarter. Alternatively, if you hold no open positions in your share trading account at the end of the quarter, then you won’t get charged as well.

      You may know more about IG by getting in touch with them or reviewing your terms and conditions.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    ThereseFebruary 7, 2019

    Can I start in share market with a small budget of AU$10000 and which broker would accept me?

      Avatarfinder Customer Care
      JoshuaFebruary 17, 2019Staff

      Hi Therese,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Yes, you can start trading with that budget. In most cases, you only need about $500 to start share trading.

      Regarding your second question, the right broker for you is the one that meets your preferences, needs, and budget. You can choose a broker based on your trading knowledge and experience, the markets you can access, the fees involved, trading sources, and customer service. You can learn more about this from our guide to open a share trading account. On that page, you will how to open a share trading account and other helpful tips. It’s a good guide to read for beginners.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    JimiAugust 28, 2018

    As a small investor with an vestment less than (10k) ,What is the cheapest platform to buy stock and hold them for 3 years?

    Most platform overhear will have a quarterly $50 dollar inactivity fee , in addition to the Broker fee ( IG is one example )!

      Avatarfinder Customer Care
      JoshuaAugust 29, 2018Staff

      Hi Jimi,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Generally, most share trading platforms come with inactivity fees. This encourages users to stay actively using their account or motivate them to close their account instead of taking up the platform’s resources.

      While we don’t have a page that specifically lists share trading platforms that don’t charge inactivity, you may still check our list on this page. You will find inexpensive stock trading platforms that might be able to meet your needs. Click on the “Go to site” green button of your desired provider and it should redirect you to their site. From there, you can know more about whether they charge inactivity or not.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    JonskiOctober 19, 2017

    Hi, i’m a full time uni student with less than $5k to invest in stocks. After reading countless articles looking for the best or most suitable broker to trade aus/us stocks, i’m still undecided. Could you please give me some advice?

      Default Gravatar
      LiezlOctober 20, 2017

      Hi Jonski,

      Thanks for reaching out.

      When choosing a share trading platform, you can start by comparing the commission fees, availability of advise and research options, integration with bank accounts, and access to other markets. You may refer to our guides on how to choose a good stockbroker and platforms for beginners for more helpful information.

      Cheers,
      Liezl

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